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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Estate Planning

Date & Time
  • event Date

    Thursday, August 17, 2023

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$297.00
CLE
CPE
ALL

This CLE/CPE webinar will provide trusts and estates counsel a detailed analysis of the application of U.S. estate tax to non-U.S. citizens. The panel will focus on relevant tax rules and potential estate and gift tax planning pitfalls, opportunities, determining the domicile of individuals for U.S. transfer tax purposes, where assets are sited for U.S. transfer tax purposes situs of assets, and when and how the application of estate or estate and gift tax treaties may apply, including the estate tax provisions of the Canadian income tax treaty. The panel will outline and analyze hypothetical scenarios and offer effective planning techniques for estate planners.

Faculty

Burgess Raby
Principal
Raby Law Office

Mr. Raby's practice focuses on international tax matters, including planning for foreign investment into the United States, planning for United States persons investing and undertaking businesses outside the United States, ownership of foreign real estate by United States persons (FIRPTA), and ensuring that all United States reporting requirements are met, including FATCA, FBARs, and various IRS information returns. He also includes advising start-up companies and tax litigation matters, both international and domestic.

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Melvin A. Warshaw
Attorney
Melvin A. Warshaw

Mr. Warshaw has nearly 40 years of experience as a U. S. estate planning and tax lawyer. He currently represents U. S. and non-U. S. high net worth individuals, families and companies on a wide range of personal and business tax matters, especially in connection with cross-border income and estate tax planning and compliance in the U. S. Mr. Warshaw is admitted to practice in the Commonwealth of Massachusetts. He regularly advises non-U. S. clients on structuring inbound pre-immigration tax strategies including basis step-up in legacy assets, avoiding the U. S. CFC and PFIC anti-deferral tax regimes, optimizing use of foreign tax credits, minimizing green card status as well as advising on and drafting of “drop-off trusts.”  Mr. Warshaw also advises long-term green card holders and U. S. citizens on planning to minimize their U. S. exit tax through gift programs, managing equity compensation and by drafting “expatriation” trusts and considerations of a change of domicile outside the U. S. He has also counseled clients in complying with their U. S. tax filing obligations by engaging accountants and bringing such taxpayers into compliance with their numerous U. S. international tax reporting requirements. Mr. Warshaw has also advised on the U. S. international tax aspects of cryptocurrency, including how to become U. S. tax compliant and how to mitigate U. S. tax implications prior to and following renouncing U. S. citizenship.

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Lalit Kundani
Partner
Bridgers Law

Mr. Kundani leads the law firm’s award-winning Trust & Estate Planning practice group. He has been recognized by Newsweek, The National Advocates, Super Lawyers, and the American Institute of Family Law Attorneys as a leading attorney in his field. Mr. Kundani is known for his detailed approach to planning. His clients include high-net-worth and ultra-high-net-worth individuals, judges, public officials, fellow lawyers, physicians, actors, venture capitalists, and business owners.

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Description

Non-U.S. citizens may be subject to various U.S. estate and gift tax rules. Trusts and estates counsel must have a clear understanding of the potential tax implications of those rules for non-U.S. citizens and implement appropriate planning methods to avoid unintended tax consequences.

The application of U.S. estate tax laws to a non-U.S. citizen depends on that individual’s domicile, the situs of that individual’s assets, and application of a whether there is an applicable estate tax treaty that applies. Non-U.S. citizens domiciled in the U.S. are provided the same exemption amount as U.S. citizens and may be subject to estate tax on their estate. Therefore, determining the domicile for a non-U.S. citizen is critical.

For those determined to be not domiciled in the U.S., the situs of their assets may be subject to U.S. estate taxes to the extent that those assets have a situs in the U.S., with limited exemption amounts. However, under such circumstances, an applicable estate tax treaty may mitigate any some of the adverse tax consequences.

Trusts and estates counsel advising non-U.S. clients with or who plan on having contact or assets within the U.S. must be aware of the rules that might impact their clients' U.S. estate and gift tax liability attributable to assets' value transferred at death or during their lifetime.

Listen as our panel discusses relevant tax rules and potential estate planning pitfalls, opportunities, domicile, situs of assets, and the application of tax treaties. The panel will also outline and analyze hypothetical scenarios and offer effective planning techniques for estate planners.

Outline

  1. Domicile for U.S. transfer tax purposes
  2. Situs of assets
  3. Tax issues and application of tax treaties
  4. Planning strategies and pitfalls to avoid

Benefits

The panel will discuss these and other key issues:

  • How do non-U.S. citizens become subject to U.S. estate tax on their estate?
  • What are the key considerations in determining domicile for U.S. transfer tax purposes?
  • How does the situs of assets impact application of U.S. transfer tax rules?
  • What U.S. transfer tax rules apply to non-U.S. citizens?
  • What reporting issues do counsel need to be aware of when U.S.-domiciled individuals receive gifts and bequests from nonresident aliens?
  • What inheritance tax rules apply to the U.S. heirs of certain former U.S. citizens and long-term permanent legal residents?
  • What are the planning opportunities for managing the U.S. inheritance tax?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify which estate and gift tax rules apply to non-U.S. citizens
  • Understand key tax reporting issues for U.S. and non-U.S. citizens who are recipients of gifts and bequests
  • Recognize how the tax rules and reporting apply to different estate planning scenarios involving non-U.S. citizens

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience at mid-level within the organization, drafting wills and trust documents, supervising other attorneys or estate planners. Specific knowledge of concepts regarding taxation of foreign investments held by U.S. taxpayers and U.S. assets held by non-U.S. citizens; familiarity with tax treaty provisions.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).